Is it permissible to sell property with a power of attorney?
A power of attorney is a document that authorizes a certain individual to act for and within the boundaries of the one executing it. The executor of the record is referred to as the ‘predominance,’ and the person who represents the predominant in deals with 0.33 events is referred to as an ‘agent.’ An agent is formally appointed under a deed of lawyer’s electricity to act for the owner in a single transaction or a series of transactions, or to oversee his/her affairs. The rights of the agent are derived from the authorizations targeted inside the record, as well as the limits included within.
Because their appointment is in a fiduciary role, the agent cannot utilize the power of a lawyer for personal advantage. Except in cases whereby the power of the lawyer is connected with interest (or performed for compensation), it is normally reversible at the discretion of the dominant.
Its credibility
Unless a time limit is included within the record, a power of attorney is normally valid till the reason for which the same became done is satisfied.
If the abilities provided beneath the power of a lawyer are used after a significant time-lapse, it’s far really useful to have a declaration from the dominant that the deed of power of lawyer remains lawful and in effect.
Is registration required?
Because a power of attorney does not create or terminate any right over immovable property, the stated deed is typically not required to be registered. However, the Madras High Court has ruled that when an agent seeks to have the immovable property valued more than one hundred transferred, the power of the law requires it to be compulsorily registered. Following that, the Tamil Nadu government amended the Registration Act of 1908, requiring all power of attorney transactions involving the sale of immovable property to be registered.
On transactions carried out with the assistance of an agent
The agent is authorized by the use of a lawyer’s power of attorney, and he or she must exercise their authority precisely within the extent and limitations of such powers. All transactions carried out with the help of the agent within his/her power will be legal and binding on the principal.
If the power of lawyer deed grants authority to promote the predominance’s belongings and to execute and sign critical files in that respect, any such sale accomplished with the help of the agent is genuine, is binding on the predominant and may bring a right name to the purchaser.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
